CLARK FREEPORT, Pampanga, Philippines - The Clark Development Corporation (CDC) has reported that the Clark Special Economic Zone (CSEZ) has posted a historic $1.23 billion or more than P54 billion worth of exports in a span of 10 months. In an official statement on Tuesday, CDC President Benigno Ricafort said the amount, which represents the total value of exported products from the freeport zone from January to October this year, has been the biggest amount posted for export for the past 17 years. Ricafort said they expected the figure to grow to at least 300 percent more in the next two years as major semi-conductor companies reach their full operating capacity in 2011 and 2012. Ricafort said Clark is expected to have a huge share in Central Luzon's investment as new projects in the electronic and semi-conductor, manufacturing and tourism sector are completed by 2012 to 2013. Clark, along with Subic and Tacloban, registered the biggest revenue collections among the 17 ports in the country this year.
Moreover, the Pampanga Freeport is next to Subic in terms of positive record in customs collections. In a related development, Ricafort also said a total of P159 million of dividends has been turned over by the state-owned corporation to the national government through the Bureau of Treasury. Ricafort said the amount represents the Unappropriated Retained Earnings (URE) of the CDC as of Dec. 31, 2009 of P639.66 million. The turnover of dividends to National Treasurer Roberto Tan was approved by the CDC Board of Directors headed by its chairman, Rizalino S. Navarro. Half of the P319.83 million was remitted directly to the Bureau of Treasury on Dec. 2, while the other half went to the Bases Conversion Development Authority, CDC's parent company. The declaration of dividends was made possible after the Philexim/Tidcorp approved the request of CDC to declare such dividends. Philexim/Tidcorp is the guarantor of CDC for its US$9.97 million loan with the Deutsche Bank for the procurement of Terminal Radar for the Diosdado Macapagal International Airport (DMIA) which carries a negative covenant on the declaration of dividends. Navarro, with the CDC Board of Directors and Executive officers, led the turnover of the check to Tan. Also present are CDC Directors Armand Madamba, Adrian Chingcuangco, Francisco Villanueva and CDC Vice President for Finance Noel Manankil.
